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| Abandonment option model for petroleum exploration and development projects |
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ZHANG Yong-feng1,2,JIA Cheng-zao1,YANG Shu-feng2,CHEN Han-lin2,HU Su-yun1,LIU Ji-yi2
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(1. Research Institute of Petroleum Exploration and Development，PetroChina Company Limited ,Bezjing 100083，China;2. Earth Science Department of Zhejiang University, Hangzhou 310027, China)
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| Abstract: |
| Since a variety of uncertainties such as market, geological, economic, political and technical factors exist in petroleum exploration projects, many types of potential options lie in the projects. And abandonment option is of great importance for the projects. Considering the flexibility of such projects, the significance and value structure of abandonment option were analyzed in detail. A multi-stage binomial model for abandonment option was put forward. As shown in the instance, the abandonment option model was demonstrated with a full consideration of the financial balance, and the applicability of this model was discussed. The result is useful for the decision-makers. |
| Key words: petroleum exploration projects economic evaluation abandonment option calculation model strategic decision |
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